Where Accounting is Going 2020 and beyond

The world of bookkeeping and accounting is about to change. It’s more about financial information than ever before- and having access to that information on demand is more obtainable than ever before. Employing cloud-based technology is an absolute must to remain competitive in any industry. Cloud-based technology comes in many forms including massive corporate intranets, remote desktop applications, web-based accounts and storage, mobile applications and prepackaged financial tracking tools for small business- all in an effort to make data accessible. All of this data allows business owners to make better financial decisions, which is the main goal and purpose of the accounting profession.

For as long as anyone can remember, accountants and bookkeepers have billed for their time. This is changing. Professionals are moving towards something commonly referred to as “value-based pricing”. This type of pricing is not dependant on time spent gathering or processing the information, but rather on the value of the services rendered for the business owner. Not tracking billable time for each client interaction (phone calls, emails, meetings, etc) is a benefit to both the client and the professional as it allows for more professional time to be spent on client-specific directives and business functions. Using this model, clients can maintain open lines of communication with their accountant without concerns about extra billed time for ongoing advice. In addition to these advantages, clients may budget their expenses more effectively throughout the year by paying a flat, monthly fee. This pricing model enables the accountant to act as more of an advisor, rather than a data-entry clerk.

These changes are exciting. Business owners are getting a wealth of information that is better and faster than ever before for a price that is predetermined and consistent.